Fidelity MSCI Information Technology Index ETF (NYSEARCA:FTEC) Sets New 1-Year High – Still a Buy?

Fidelity MSCI Information Technology Index ETF (NYSEARCA:FTEC) hit a new 52-week high during mid-day trading on Thursday . The company traded as high as $283.95 and last traded at $283.87, with a volume of 96799 shares changing hands. The stock had previously closed at $280.40.

Fidelity MSCI Information Technology Index ETF Stock Up 1.4%

The company has a market cap of $20.68 billion, a PE ratio of 35.45 and a beta of 1.31. The business has a 50-day simple moving average of $240.16 and a 200-day simple moving average of $229.19.

Institutional Trading of Fidelity MSCI Information Technology Index ETF

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the company. Glenmede Trust Co. NA raised its position in Fidelity MSCI Information Technology Index ETF by 264.9% in the first quarter. Glenmede Trust Co. NA now owns 2,430 shares of the company’s stock valued at $506,000 after purchasing an additional 1,764 shares during the period. Eley Financial Management Inc raised its position in Fidelity MSCI Information Technology Index ETF by 1.5% in the first quarter. Eley Financial Management Inc now owns 15,597 shares of the company’s stock valued at $3,245,000 after purchasing an additional 229 shares during the period. Claris Financial LLC raised its position in Fidelity MSCI Information Technology Index ETF by 68.2% in the first quarter. Claris Financial LLC now owns 10,143 shares of the company’s stock valued at $2,110,000 after purchasing an additional 4,111 shares during the period. Sunbelt Securities Inc. raised its position in Fidelity MSCI Information Technology Index ETF by 2.2% in the first quarter. Sunbelt Securities Inc. now owns 18,418 shares of the company’s stock valued at $3,832,000 after purchasing an additional 403 shares during the period. Finally, Talon Private Wealth LLC purchased a new stake in shares of Fidelity MSCI Information Technology Index ETF during the first quarter worth $317,000.

About Fidelity MSCI Information Technology Index ETF

The Fidelity MSCI Information Technology Index ETF (FTEC) is an exchange-traded fund that mostly invests in information technology equity. The fund tracks a market-cap-weighted index of stocks in the broad US information technology sector. FTEC was launched on Oct 21, 2013 and is managed by Fidelity.